Global spending on IT by the wealth management
industry will top $32 billion by 2015, a growth rate of almost 7%
over a five year period, research from Ovum predicts.
Ovum said globally all channels will see
growth but expansion in internet services will be particularly
strong.
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In particular, the high net worth banking and
financial planning sectors of the global wealth management industry
will increase spending by 8 % from the beginning of 2011 to the end
of 2015.
‘Explosive’ growth in emerging
markets
While the amount of money spent on IT will be
greater in the developed world, the emerging markets are set for
explosive growth.
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By GlobalDataEastern Europe will grow by 18% from the
beginning of 2011 to the end of 2015 and Asia-Pacific will see 13%
growth for the same period.
Ovum senior analyst Jaroslaw Knapik said some
of the spending on internet services will come from the need to
create websites and applications that allow customers and financial
advisers access to company websites via mobile devices such as
smartphones and tablets.
“Much of the rest will come from upgrading
online services with personal financial management tools and closer
integration of the online channel with middle and back-office
technology such as product origination, customer information, or
investment and portfolio management systems,” Knapik said.
